Eko Atlantic City: Lagos, Developer To Realise N1.16tr From Land Sale

The Lagos State Government and the developer of the Eko Atlantic City, South Energyx Nigeria Limited, will rake in N1.16 trillion from the sale of land in the emerging new city.

Alausa Rhythms’ investigations revealed that  the minimum land space one can acquire in the proposed city is 2,000 square metres, which is above two plots of land and that goes for N258.4 million ($1.7 million).
A square metre of land in the city cost $850 dollars (N129, 000). Already, three million square metres of land have been sandfilled out of the nine million square metres of land that make up the Atlantic City.
Therefore, the nine million square metres of land will yield N1.16 trillion, which is equivalent to $7.65 billion.
The developer is given 78 years seal of ownership of the city to enable it recoup its investment running into multi-trillions of naira while the city will play host to the elite in the society as the average man cannot cope with the financial demands in the city.

Managing Director, South Energyx Nigeria Limited, David Frame, recently said the Environmental Impact Assessment, EIA, was ready and that it would not in any way contribute to coastal erosion experienced in Lagos.
The Eko Atlantic City is being built on a reclaimed land that was lost to over a century of coastal erosion but even the worst storm Lagos could expect over a thousand years poses no real threat to the emerging city.
The city is expected to be safe and secure as a great wall will be constructed to withstand violent storms, even the Tsunami. The wall will be known as “The Great Wall of Lagos.”
The wall is an eight kilometres long revetment to protect Eko Atlantic and low-lying Lagos from the relentless forces of the ocean. It’s being constructed to the highest standard of marine engineering available in the world today.

According to Frame, an international team of highly skilled coastal and marine engineers applied physical scale model tests and computer simulations in Denmark to assess its stability under the pressure of extreme wave conditions.
The design proved itself beyond doubt. It splits into 12 different layers of rock and concrete which form this massive structure. Major part of the Great Wall lies on the sea-bed between seven and 11 metres underwater. This is where its real strength lies. So the base of the Great Wall is around 45 metres. And its average depth is around 16 metres.

As sections of the wall are completed, a vast sand layer upon which the actual city of Eko Atlantic will rise is laid to a height of around eight metres above sea level, protected by the revetment. It will ensure that everyone living and working in the nine square kilometres of reclaimed land for Eko Atlantic as well as the population of Victoria Island are protected from the sea.

Eko Atlantic is expected to change the face of Africa and will transform Lagos into a successful mega city-state. This state will provide space for the 25 million people expected to live and work in the region by the year 2015. Eko Atlantic is a creative and ambitious development and is rapidly becoming a source of great national pride to Nigerians.

The planned residential and commercial property development in Eko Atlantic will ease the current pressure on the exhausted infrastructure and overpopulation on adjacent Victoria Island. Victoria Island is the bustling commercial centre of Lagos. The first phase of the project will create a Business District that will stimulate commerce in Nigeria.

Lagos and Eko Atlantic are expected to become the new financial epicentre of West Africa by the year 2020. By that time, Nigeria will be one of the world’s 20 largest economies.